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Theory of Games and Economic Behavior by John Von Neumann - Quiz
Contributed by: Casey
  • 1. Which of the following is a type of game that has a clear conflict of interest?
A) Zero-sum game.
B) Cooperative game.
C) Public goods game.
D) Evolutionary game.
  • 2. Who are the authors of the book 'Theory of Games and Economic Behavior'?
A) John Nash and Roger Myerson.
B) Daniel Kahneman and Amos Tversky.
C) Kenneth Arrow and George Stigler.
D) John Von Neumann and Oskar Morgenstern.
  • 3. In cooperative games, what is the core?
A) A stable outcome without any external enforcement.
B) The set of feasible allocations that cannot be improved upon by any coalition.
C) The basic strategy that guarantees a win.
D) An allocation accepted by all players without negotiation.
  • 4. What does ‘best response’ mean in game theory?
A) The strategy that ensures a win every time.
B) The most conservative choice.
C) Any strategy that players prefer.
D) The strategy that yields the highest payoff given the other players' strategies.
  • 5. What is a 'Pareto efficient' outcome?
A) An allocation where no player can be made better off without making another player worse off.
B) An outcome where players always get equal benefits.
C) An optimal outcome only for one player.
D) A game that always ends in a tie.
  • 6. Who introduced the concept of game theory in economics?
A) David Ricardo.
B) Milton Friedman.
C) Adam Smith.
D) John Von Neumann.
  • 7. What does 'subgame perfect equilibrium' refer to?
A) A situation where players cannot change their strategies.
B) An outcome determined by chance.
C) An equilibrium where players' strategies are optimal in every subgame.
D) An equilibrium that exists only in finite games.
  • 8. What is a strictly dominated strategy?
A) A strategy that is worse than another strategy for every possible action of the other players.
B) A strategy that is better in some cases and worse in others.
C) A strategy that is randomly chosen.
D) A strategy that cannot be improved upon.
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